KARACHI: The caretaker government, which has seen a 20% increase in petrol and diesel prices since taking over last month, has hinted at a possible reduction in fuel rates at the upcoming fortnightly review. The government also assured the public that efforts are underway to stabilize the economy.
These statements regarding fuel prices were made in conjunction with a petition filed in the Supreme Court, seeking a declaration that the interim government is not authorized to significantly raise petroleum prices.
During a press conference at the Karachi Press Club, Federal Minister for Information and Broadcasting, Murtaza Solangi, shed light on his reasons for optimism regarding petroleum prices.
Solangi stated, “Petroleum prices primarily depend on two factors. First, it is the international market prices for oil, and second, it is the strength of our local currency as we make payments in US dollars. As of today, I see that the rupee has gained strength against the dollar due to administrative measures. Based on these factors, there are strong chances that the prices of petroleum products could be reduced in the next announcement.”
Separately, caretaker Commerce Minister Dr. Gohar Ijaz emphasized efforts to restore the country’s economy. Speaking at a press conference alongside Sindh Governor Kamran Tessori, Dr. Ijaz revealed that he had discussed various issues with industrialists during a three-hour meeting in the city.
He stated, “The caretaker prime minister has instructed the relevant ministries to address the problems faced by the business community. Upon the governor’s invitation, I came to Karachi and the problems identified during the meeting with the industrialists will be brought to the prime minister’s attention.”
Governor Tessori expressed optimism for forthcoming economic stability, highlighting the army chief’s fight against “economic terrorism” alongside border terrorism. He stated that the US dollar’s value had increased significantly but would soon decrease to Rs250. “Previously, the dollar was not declining, but now its value has started to decrease.”
In conclusion, the government is hopeful for a potential reduction in fuel prices and improved economic stability through various measures and efforts being undertaken.